X — The Everything App: What is Elon Musk Planning to Do? — Crypto
Twitter | X App | Wechat | Bitcoin & Dogecoin | NFTs | eTORO
Elon Musk is developing an awesome application that will cause an uproar on social media. With this platform, the whole social media world will change. Elon Musk is continuously looking for new and creative methods to accomplish things that are beyond our imagination.
The name of this social media platform is X App, and it will support cryptocurrency. Today, we will go over all of its unique features in detail.
Before the X app, let’s talk about X.com. X.com was the name of Elon Musk’s first company. After a while, X.com merged with another firm, and PayPal stepped forward. Elon Musk is so smart that he has retained ownership of the domain X.com.
You may have noticed that Elon frequently uses the X word. I believe the X word is incredibly lucky for Elon Musk, hence X has also been used behind his company name SpaceX.
Podcast
Elon Musk did not simply buy Twitter; there was a plan behind it. Before owning Twitter, there was a podcast interview in which he said, “I am trying to make something like WeChat that will be for the entire world, its name will be X App.”
This X App will have everything customers need. A social media platform that is connected to everything. Elon began developing the idea.
Social Media Platform
Elon Musk has built a number of social media applications that failed due to a lack of user demand. Again, if we were to focus on developing a social media app, it would most likely have taken 6–7 years.
Marketing and an audience are required to make something popular. It was important to establish a social media platform in order to complete this project. Elon Musk started planning to acquire Twitter after noticing that it has the most engaged and up-to-date social base community.
Elon first joined Twitter’s board of directors by acquiring a 9% stake in the company. Elon mentioned various faults with Twitter during the board meeting, but the board members ignored them. After that, Elon purchased Twitter by paying 44 billion to Twitter.
Twitter is currently a private company. It was announced around 2–3 days ago that X-Corporation (X-Corp) had merged with Twitter.Inc. Elon Musk’s private company, X-Corporation (X-Corp), is currently working on the X App.
Twitter will be used to develop the X App. Now, new features for content creators are being added to the Twitter social media platform, and there have been several updates recently. Twitter changes are only possible to a limited extent. X App is being developed to overcome this limitation.
In the future, X App may emerge as a big revolutionary application
When it comes to WeChat, it is extremely popular in China. WeChat is used by over one billion people in China. Because it is controlled by China, people from other nations are unable to use it.
If you study the WeChat model closely, you will notice that you can accomplish everything in it, including money, E-commerce, purchasing, talking, social network activity, and utility. It is being planned to create X App by integrating the WeChat and Twitter concepts.
Layer
The base layer of the X App will be created by looking at Twitter. Twitter just added an article option. Twitter should now be prepared for the coming upgrade, which will involve fees. This payment option will be activated using Stripe. Stripe is the largest worldwide payment company, and they have just added Bitcoin payment as an option. Stripe will be used to launch the Bitcoin and Dogecoin payment options on Twitter in the initial stages.
Tesla has Bitcoin, and Elon Musk has given his blessing to Dogecoin, so both coins may be accepted as payment. It will be accepted on both Twitter and the X App, bringing in a major development in which people will be able to use cryptocurrencies.
Previously, there was a time problem with crypto transactions, but now quick transactions are done through the lighting network, and the procedure has been much simplified.
Latest Updates
Twitter just announced a partnership with eToro. Etoro is a trading platform in which you can trade crypto, index, and stocks. Twitter has collaborated with eToro, which means that any Twitter user may now trade crypto and stocks by putting them on the Twitter platform. This is very big news.
They have not yet specified which cryptocurrency would be utilized in the method of payment. However, the price of Dogecoin has risen as a result of this news. Slowly, it will become clear.
It remains to be seen whether Twitter will offer the feature to users in this manner. I believe trading will be done via API by connecting Twitter and eToro.
Advance
Along with this, they can provide the Defi option. Tokens can be swapped, stacked, and invested in this. Lighting Wallet and Defi Wallet will be released to support all of this. Auto payment may be enabled using the account abstraction feature. An advanced feature can also be provided for a Premium account.
Elon Musk’s personality is rigid; if he needs to do something, he has to do it regardless of whether the SEC or someone else opposes it. This person is very stubborn.
Because Twitter is now a private company, Elon is no longer tied by anything and can run it independently.
NFTs
As soon as the X App is released into the market, the possibilities of crypto acceptance may improve dramatically. Their NFTs may be released in the future, since Reddit’s NFTs drop was just opened, with over 300,000 NFTs minted in 3 minutes.
NFTs have been popular on Reddit, with millions of people currently adopting the NFTs avatar. This procedure may also be used on other social media networks, such as Twitter.
X App
X App will make use of crypto, defi, and NFTs. Considering today’s technology, it will be a better platform than WeChat. X App will play a very crucial role during Web3. It will be fascinating to see when and how it will be released, as well as what features will be included.
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Disclaimer
This is not Financial Advice. This article is meant only for educational purposes. I am just sharing my thoughts and analysis based on my many years of experience.